Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,980/mo
Lowest payment- Down payment
- $104,031
- Funds due
- $118,007
- Interest + MI left
- $634,874
- First ends
- Feb 2055
Assumption
Assumption + second
$4,358/mo
+$378/mo- Down payment
- $57,031
- Funds due
- $72,304
- Interest + MI left
- $724,016
- First ends
- Feb 2055
New loan
New conventional
$4,204/mo
+$224/mo- Down payment
- $57,031
- Funds due
- $68,688
- Interest + MI left
- $741,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,869 | $465,869 | $512,869 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,111.04 | $3,111.04 | $3,450.10 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $217.83 | $217.83 | $102.57 |
| Taxes, insurance & HOA | $651.08 | $651.08 | $651.08 |
| Total housing payment | $3,979.95 | $4,358.12 | $4,203.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,031
Closing costs & prepaids$15,273
Usable credit−$0
Total buyer cash needed$72,304
Earnest money paid−$0
Remaining funds due$72,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,453.25
Prepaid interest, first (4 days)$349.21
Prepaid interest, second (4 days)$46.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 2 moOf the original 30-year loan at 6.84%
Interest already paid$59,048Through Dec 2026
Assumption only · ends Feb 2055$634,874
Assumption + second · ends Feb 2055, second Jan 2057$724,016
New conventional · ends Jan 2057$741,169